LendingPoint Personal Loans Review
LendingPoint Loans Review

LendingPoint is a choice lender for borrowers with fair credit. With a multitude of personal loan types available, it’s easy to get financing for just about any type of project.

Even better is that LendingPoint uses a holistic approach to the loan application process, rather than relying solely on your credit history.

LendingPoint Personal Loans

LendingPoint offers a low starting point for personal loans, with the minimum threshold at just $3,500. If you need more funds, you can borrow a maximum of $25,000.

All loan terms fall between two and four years in length. Like most other lenders, LendingPoint charges an origination fee when you first take out the loan, but with a flat fee of 5%, you don’t have to worry about that number fluctuating based on your credit.

You also get the added bonus of either paying that fee upfront of choosing to spread it out over your monthly payments.

The downside to LendingPoint is that its interest rates are fairly high compared to its competitors, but that could be because they focus on fair (not excellent) credit applicants. Once approved, your loan rate offer could range anywhere between 17.46% and 35.99% APR.

Borrower Profile

How can you qualify for a loan from LendingPoint? You’ll need to meet a few basic requirements. First, you must have a minimum 600 credit score along with a gross income of at least $25,000.

(That’s how much you make before you pay taxes, health insurance, and anything else that is taken out of your paycheck). You’ll also need a debt-to-income ratio of 45%, meaning that all of your monthly debt obligations can only take up 45% of your monthly income amount.

Another major factor in getting a loan from LendingPoint is where you live. They currently only service residents of the following states:

    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Delaware
    • District of Columbia
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Indiana
    • Kansas
    • Kentucky
    • Massachusetts
    • Michigan
    • Minnesota
    • Missouri
    • Montana
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington